Gold hits fresh two-week lows under $1,500/oz

XAU/USD is hovering around $1,500/oz, after reaching the lowest since August 23.

After a pause, Gold resumed the decline, falling again below $1,500/oz. Price bottomed at $1,497 the fresh two-week low. It bounced back to the upside and as of writing is hovering around $1,500 down for the day but off lows. On the flip side, under the daily, the next support emerges at $1,492.

Negative momentum remains as markets stay positive

XAU/USD holds a bearish short-term bias amid an improvement in risk appetite. Equity prices in Wall Street are higher while US bonds slide. The 10-year yield rose to 1.63%, the highest level since August 23. Some expectations about trade talks between the US and China contribute to improved market sentiment. Also, Friday’s announcement in China of a cut in the reserve requirement rate helped.

The Swiss Franc, the Yen, bonds and Gold, traditionally safe-haven assets are all lower today. The US Dollar is mostly weaker despite rising US yields.

The decline of the Dollar failed to offer support to gold prices. The ounce so far managed to hold on top of $1,500 but the negative tone is likely to remain in place as long as price stays below the $1,510 area. If it rises on top, it could extend toward the next resistance seen at $1,525.

More Levels

XAU/USD

Overview

Today last price1500.66

Today Daily Change-5.94

Today Daily Change %-0.39

Today daily open1506.6

Trends

Daily SMA201520.45

Daily SMA501465.85

Daily SMA1001390.12

Daily SMA2001340.06

Levels

Previous Daily High1527.83

Previous Daily Low1502.95

Previous Weekly High1557.03

Previous Weekly Low1502.95

Previous Monthly High1554.63

Previous Monthly Low1400.9

Daily Fibonacci 38.2%1512.45

Daily Fibonacci 61.8%1518.33

Daily Pivot Point S11497.09

Daily Pivot Point S21487.58

Daily Pivot Point S31472.21

Daily Pivot Point R11521.97

Daily Pivot Point R21537.34

Daily Pivot Point R31546.85

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

GBP/USD hits a 6-week high above 1.24. The DUP dismissed reports that it would accept special treatment for the province as a solution to the backstop. The EU is ready to grant a Brexit extension as Johnson faces growing criticism.

XRP is in a borderline situation and with little room for doubt. Bitcoin demonstrates its power and positions itself as the emerging leader. Ethereum is in an intermediate situation, far from risk but also from opportunity.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.